Group 1 - The company announced the acquisition of 100% equity in Siyuanli for 1.25 billion RMB (approximately 1.369 billion HKD), aiming to further industry consolidation [1] - Siyuanli, established in 1996, is the third-largest beauty service brand in China, with 182 stores as of June 2024, including 163 beauty stores and 19 medical beauty stores across 48 cities [1] - Post-acquisition, the company's total store count will exceed 700, enhancing market share and accelerating the "Double Beauty + Double Healthcare" strategic layout [1] Group 2 - The company increased its stake in Nairui to 90% after acquiring 70% equity for a total consideration of 350 million RMB, with Nairui being the second-largest traditional beauty service brand in China [2] - In July 2024, the company announced the inclusion of 75 remaining Nairui stores through franchising, adding a total of 150 new stores to its network [2] - Nairui's revenue reached 277 million RMB in the first half of 2025, with adjusted net profit margin improving from 6.5% before acquisition to 10.4% post-acquisition [2] Group 3 - The company held a strategic upgrade conference on November 19, announcing three major strategies: Super Brand, Super Chain, and Super Digitalization [3] - The Super Brand strategy focuses on integrating the top three brands in the industry, including Meili Tianyuan, Nairui, and Siyuanli, to strengthen brand advantages [3] - The company has invested over 200 million RMB in digitalization, achieving double-digit growth in new member acquisition and maintaining a member retention rate of 80% in the following year [3] Group 4 - The company maintains a buy rating, adjusting the 2025 adjusted earnings per share forecast from 1.34 RMB to 1.59 RMB, with new forecasts for 2026 and 2027 set at 2.05 RMB and 2.29 RMB, respectively [3] - The target price has been raised from 19.84 HKD to 37.13 HKD, indicating a potential upside of 41% [3]
美丽田园医疗健康(02373.HK)点评：内生+外延双轮驱动 聚焦三大超级战略